Discounted Cash Flow (DCF) Analysis Unlevered

Gilat Satellite Networks Ltd. (GILT)

$5.31

-0.17 (-3.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.40 | 5.31 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 282.76266.39263.49165.89218.82212.25205.88199.69193.70187.88
Revenue (%)
EBITDA 20.5430.7534.3346.1913.5327.9627.1226.3025.5124.75
EBITDA (%)
EBIT 7.4017.6023.3535.902.5317.3616.8316.3315.8415.36
EBIT (%)
Depreciation 13.1413.1510.9810.2910.9910.6010.289.989.689.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 52.9667.3874.7888.7584.0269.7567.6565.6263.6561.74
Total Cash (%)
Account Receivables 108.8494.9271.4369.5562.9672.9970.7968.6766.6164.61
Account Receivables (%)
Inventories 28.8521.1127.2031.3028.4325.6024.8424.0923.3722.66
Inventories (%)
Accounts Payable 33.7124.6420.7320.4919.7821.4120.7620.1419.5318.95
Accounts Payable (%)
Capital Expenditure -3.69-10.76-7.98-4.72-8.93-6.49-6.30-6.11-5.93-5.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.31
Beta 0.399
Diluted Shares Outstanding 56.40
Cost of Debt
Tax Rate 430.05
After-tax Cost of Debt -138.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.581
Total Debt 4.10
Total Equity 299.49
Total Capital 303.59
Debt Weighting 1.35
Equity Weighting 98.65
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 282.76266.39263.49165.89218.82212.25205.88199.69193.70187.88
EBITDA 20.5430.7534.3346.1913.5327.9627.1226.3025.5124.75
EBIT 7.4017.6023.3535.902.5317.3616.8316.3315.8415.36
Tax Rate -3.77%-8.38%-59.17%2.22%430.05%72.19%72.19%72.19%72.19%72.19%
EBIAT 7.6819.0737.1735.10-8.364.834.684.544.404.27
Depreciation 13.1413.1510.9810.2910.9910.6010.289.989.689.39
Accounts Receivable -13.9223.491.886.59-10.022.192.132.062
Inventories -7.74-6.09-4.102.872.830.770.750.720.70
Accounts Payable --9.08-3.91-0.24-0.711.63-0.64-0.62-0.60-0.59
Capital Expenditure -3.69-10.76-7.98-4.72-8.93-6.49-6.30-6.11-5.93-5.75
UFCF 17.1234.0553.6538.222.443.3710.9810.6510.3310.02
WACC
PV UFCF 3.2510.239.578.968.39
SUM PV UFCF 40.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.63
Free cash flow (t + 1) 10.22
Terminal Value 627.24
Present Value of Terminal Value 524.81

Intrinsic Value

Enterprise Value 565.21
Net Debt -77.76
Equity Value 642.97
Shares Outstanding 56.40
Equity Value Per Share 11.40